Periodic-Review Inventory Model with Three Consecutive Delivery Modes and Forecast Updates |
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| Authors: | Q Feng G Gallego S P Sethi H Yan H Zhang |
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| Institution: | (1) School of Management, University of Texas at Dallas, Richardson, Texas, USA;(2) Department of Industrial Engineering and Operation Research, Columbia University, New York, NY, USA;(3) Institute of Applied Mathematics, Academy of Mathematics and Systems Science, Academia Sinica, Beijing, China |
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| Abstract: | This paper is concerned with a periodic-review inventory system with three consecutive delivery modes (fast, medium, and slow) and demand forecast updates. At the beginning of each period, the inventory level and demand information are updated and decisions on how much to order using each of the three delivery modes are made. It is shown that there is a base-stock policy for fast and medium modes which is optimal. Furthermore, the optimal policy for the slow mode may not be a base-stock policy in general.This research was supported in part by a Faculty Research Grant from the University of Texas at Dallas, a RGC (Hong Kong) Competitive Earmarked Research Grant,
a Distinguished Young Investigator Grant from the National Natural Sciences Foundation of China, and a Grant from the Hundred Talents Program of the Chinese Academy of Sciences. |
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| Keywords: | Inventory multiple delivery modes forecast updates base-stock policy |
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